Archstone Announces 378-Unit Construction Project in S. Florida

BOCA RATON, Fla. — Archstone, a major apartment developer, has acquired a 5.78-acre development site near the Mizner Park development in Boca Raton, Fla.

Archstone plans to build a 378-unit apartment community with 13,448 square feet of retail space on the parcel located along East Palmetto Park Road at the SE 3rd Avenue intersection just blocks from the Atlantic Ocean beach. Construction is expected to begin in the first quarter of 2013.

“The Palmetto Park development in Boca Raton will be an excellent addition to our outstanding portfolio of apartment communities in premier locations in the country,” said Neil Brown, Archstone’s chief development officer. “Near the Mizner Park development, the site embodies the three characteristics that are prevalent at many of our communities and make our portfolio among the most prestigious in the industry. The site is in a market with very limited land on which to build, in a highly desirable neighborhood with very expensive single family homes, and in a city with a strong, diversified economy.”

Mizner Park, which is within walking distance of Archstone’s development site, is an upscale, mixed-use lifestyle center in downtown Boca Raton that features an array of high-end shopping, dining and entertainment opportunities

Subscribe to Newsletter via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Email Address

RNR

Texas-based RealtyNewsReport.com covers regional and national news of significant trends and transactions in commercial and residential real estate. The publication was founded by Ralph Bivins, an award-winning journalist with extensive experience in print, broadcast and online media. Bivins recently received a number of awards in the 66th Annual National Association of Real Estate Editors Journalism Competition.